| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,231 |
| Shareholders' arrears receivable | 128 |
| Miscellaneous receivables | 51 |
| Prepaid expenses (Page 12) | 156 |
| Contract work in progress (Note 13) | 999 |
| Reserve fund (Page 12) | 4,596 |
| Total current assets | 7,160 |
| Land, Building and Equipment (Note 2) | |
| Land | 18,877 |
| Building | 56,630 |
| Building improvements | 17,200 |
| Fixed equipment | 193 |
| Oil burner | 190 |
| Total land, building and equipment | 93,090 |
| Less: accumulated depreciation | 63,782 |
| Net land, building, equipment | 29,308 |
| TOTAL ASSETS | 36,469 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,940 |
| Maintenance received in advance | 77 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 81 |
| Mortgage note payable- current (Note 3) | 1,323 |
| Total current liabilities | 3,421 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 12,941 |
| Total long term liabilities | 12,941 |
| Total liabilities | 16,362 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 570 |
| Paid in capital | 60,061 |
| Accumulated deficit | (40,525) |
| Total stockholders equity | 20,106 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 36,469 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 14,508 |
| Shareholder operating assessment (Note 9) | 1,248 |
| Laundry income | 81 |
| Interest and dividend income | 46 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 15,893 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,247 |
| Operating expenses (Page 13) | 4,726 |
| Maintenance expenses (Page 14) | 2,051 |
| Taxes (Page 14) | 7,383 |
| Financial expenses (Page 14) | 574 |
| Total Expenses | 15,981 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (88) |
| Add: Insurance proceeds (Page 14) | 164 |
| Less: Depreciation (Page 14) | (599) |
| Less: Realized loss on securities (Page 14) | (65) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (587) |
| Beginning accumulated deficit | (39,938) |
| Ending accumulated deficit | (40,525) |